HVS EMEA Hospitality Enews - Week Ending 23 October 2009
Scandic Stockholm To Open In 2011 | Scandic Hotels already has 18 hotels in Stockholm. Oh, there’s always room for one more, you might have thought; and you’d be right: the company is to open the Scandic Stockholm in autumn 2011. Scandic Hotels has signed a 20-year lease with Swedish real estate company Diligentia, which is already at work on the hotel on Vasagatan. The Scandic Stockholm will have more than 400 rooms.
The Middle East Bags A Brace Of Ibis | The stork brings a lot of new arrivals, but often it is the ibis that delivers when Accor is the father. The Ibis has landed in two Middle Eastern capitals: Amman, in Jordan, and Muscat, in Oman. All new arrivals are special, but the 158-room Ibis Amman has that extra ‘aah’ factor because it is the first internationally branded budget hotel in Amman. Oman is cooing over the 171-room Ibis Muscat; both that hotel and its Jordanian sibling are the fruit of Accor’s fertile union with Kuwait-based Action Hotels, a union that has spawned several other Ibis hotels in the Middle East.
Echo In The Streets Of Łódź | Echo Investment is to build a Novotel on land owned by one of its subsidiaries in the city of Łódź, in central Poland. Echo signed a contract worth Zl45.32 million (€10.9 million) on the 160-room hotel with Orbis. Echo is planning to start work on the hotel in the final quarter of 2010 and have the hotel finished in time for the European Football Championships in 2012.
Central European Estates Buys A Stake In Inventech Investment | Central European Estates (CEE) has completed its purchase of a stake of 74% in Inventech Investment for the sum of a reported NIS108 million (US$29 million); the seller was Lapidoth Israel Oil Prospectors Corporation. At the same time, CEE sold its subsidiary CEE Hotel Holdings to Inventech for NIS117 million (US$31 million). Inventech becomes CEE’s hotel arm and it will expand CEE’s hotel business by looking for opportunities in central and eastern Europe, and, perhaps, entering the hotel sector in Israel.
Hotel Olympians: The Chiswick Moran Hotel | Hotels in London will need to be in peak physical condition if they are to successfully compete for the greatest number of guests at what is certain to be a busy time during the 2012 Olympics. Moran Hotel Group is one hotel company that is going for gold: it has been granted permission to subject the three-year-old Chiswick Moran Hotel, in west London, to a series of stretching exercises: stretching the room count of the 119-room, four-star hotel by 81, making the hotel reach out farther yet to grasp the conference delegate (16 meeting rooms will be added), that kind of thing. The cost of the exercise is a reported £20 million.
Kiessling's Corner | Accor has announced that it will be opening 15 Ibis hotels in Spain from 2010 to 2013. Two of the hotels will be managed under a franchise contract. In total, Accor operates 39 Ibis hotels in Spain. From the beginning of next December, the hotel chain Radisson Blu will once more have a presence in Spain when the Radisson Blu Madrid Prado opens. The boutique four-star hotel will have 54 rooms and be located in the centre of the ‘art triangle’ in Madrid. By Gabriele Kiessling, Analyst, HVS Madrid
Starwood Reports Its Third-Quarter Results | Starwood Hotels & Resorts reported a fall of roughly 65% in net income for the third quarter of 2009. Net income for the quarter was US$40 million and revenue was US$1.22 billion, down 20% on the comparable period of a year ago. Marketwide RevPAR was down 20.3%. As for the prospects for 2010 Starwood said: “While business conditions have clearly stabilized, it is very hard to forecast the pace of recovery, especially rate.”
- Sol Meliá - Exane BNP Paribas raised its rating from 'Underperform' to 'Outperform'.
- Whitbread - At the end of last week Nomura had raised its target price from 1,435p to 1,535p on the back of Whitbread's first-quarter results.
- Starwood Hotels & Resorts - Certain analysts were concerned about the company's cautious outlook.
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